stock up on media and make lots of copies!
That's generally a good advice, yet I have 5.25'' floppy disks (same as old as from 1985) and still working OK (only rarely used).
For a backup, I've seen many projects for floppy disk unit (FDU) emulators based either on HDD, or on an SD card + microcontroller acting like a FDU. The FDU interface stayed the same, so a whole unit can be replaced now with an emulator.
For a backup, either find an old PC motherboard and install an old Linux that can still read 720kB floppy disks, connect the CP/M unit to the IBM/PC and make a dd backup image of the entire disk(s) with the help of the PC.
If you don't find any, there was a tool named Kermit, for CP/M, tool that was able to exchange files over the RS232 port, or you can try to write one if the CP/M disks have some OS tools for a programming language.
Another option would be to search for existing backups on the Internet, maybe somebody else already copied the disks and uploaded them somewhere. Last time I looked there were many places preserving CP/M software.
With the current PC speeds it would even be possible to record the row pulses at the output of the floppy head, the RDATA line.
Also, there might be EPROM chips (UV erasable) that would worth a backup, too, but only if they are sitting on a socket.