This is the WD Elements Portable drive version with the largest capacity. It should be enough to back up just about any business' data unless you store a lot of images or video, in which case a NAS (networked attached storage) device would be a better option for backing up.
It is a good idea to make a habit of keeping two backup drives. One is removed from the primary computing site immediately after the most recent backup (to protect from physical disaster such as fire or flood at the computing premises). A more complete discussion of good backup policies is on the Productivity Applications and Backup page.
Also, keep in mind that (in general), the higher the capacity, the more dense the drive's areal capacity. Because of this, smaller drives may be expected to last longer than larger ones (assuming the same number of "platters" in the drives). Buying a drive substantially larger than your needs may be counterproductive. Of course it should not be a big issue in any case since your backup drive should run only during the backup (and is otherwise powered off) a backup drive may be expected to last far longer than a drive operating the whole time the computer is on (such as your primary hard drive.
This case will protect your backup drive from the inevitable bumps, jolts and possible drops while moving your backup to an offsite location.
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