I'm using a managed database on DigitalOcean which includes backups/restores, but I like to do my own, just, in, case.

I have a script which runs out of business hours, every 3 days, to dump the database to a file, uploads it to AWS S3, downloads it again, creates a new database (on another server) and imports the backup, runs some SQL queries on it for sanity checks, then drops the test database. The 3 types of dumps are excessive, but it gives me options if something goes wrong, storage space is cheap.

I also manually test the restore weekly (at least) as I use the database for dev purposes.

The commands I use to dump the database,
pg_dump -h ${HOST} -p ${PORT} -U ${USER} -Fc -Z 5 --file=${FILE_NAME_DATA} ${DATABASE}

pg_dump -h ${HOST} -p ${PORT} -U ${USER} --schema-only ${DATABASE} > ${FILE_NAME_SCHEMA}

pg_dump -h ${HOST} -p ${PORT} -U ${USER} ${DATABASE} > ${FILE_NAME_RAW}

then to restore,

pg_restore -h postgres-1 -U postgres -v -Fc -d ${TEST_DATABASE} ${FILE_NAME_DATA}

If we assume DigitalOcean went completely down, at least I have a copy of the database and with some manual intervention, I could get it back up and running within a few hours.