You can create a backup of your entire installation via your cPanel at any time. After creating that backup, you can download it to your computer and keep it in a safe place if you ever want to use this file again.

Reasons you might want to do this:

• For extra ‘safety’ sake – you can keep an annual copy of your site, or a copy before you make major additions/deletions/makeover. This is a complete file structure of your site. It can be used to restore your site in case of catastrophic loss. It is only of use in this case if you download it and it is off the server.
  
• If you are cancelling your site and might want to ever resurrect it. You may need your domain name as well as your username info for that future as well.
  
• If you are moving your site to another hosting company (you can cPanel to cPanel transfer with a hosting company with cPanel capabilities). Again, you’ll need your cPanel login as well as your domain name in your control.
  

If you’d like to keep a backup of your site, please keep only the latest one on the server (but you can download and keep as many copies as you’d like).

Here is a short video tutorial on making the backup: