You back up to protect your self. The reason you make daily backups and store off site is as follows.
You back up on monday. On tuesday a file that is not used much gets scrambled. So tuesday's backup is of the corrupted file.
The point is at some time you are going to find out that the file is bad. That is the time cycle you have to determine.
Some companies will backup daily with a 30 day rotation cycle before they start reusing the tapes. Some companies only do a week rotation, (crazy).
The sites that I set up do daily backups that go into a rotation cycle that is determined by the type of business they are in. I also recommend doing a Master backup bimonthly or monthly that is not in the daily rotation, this is stored for a minimum of quarterly.
Another note. Use a good brand of tapes. Watch your backup logs and cull out the error tapes immediately.
Hope this rambling has helped.
Good Luck