Backing up your iCloud Photo Library

As iCloud Photo Library is now in full operation, I wondered if it was possible to somehow back up my whole iCloud Photo Library. I had a look at the settings of the Photos app on OS X and found the that there’s an option to Download Originals on this Mac;

Store original photos and videos on this Mac. Choose this option if you want to access full-resolution versions of your entire library, even when offline.

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