Exactly what daph said. VMs are simply collections of files and, so long as you treat them as such, there's a plethora of ways to go about backing them up.
Some places back up the files manually to a specified storage array, some store the VMs themselves on volumes that are automatically backed up with things like snapshots, others store their VMs on RAID 1 devices so there's at least a single other copy of it.
Depending on your budget, environment, and needs, you can go any number of ways for keeping your VMs safe.