OK Parth, this is what you have to do.
the other method that you can use is, Master-Slave replication, where one server is used at one time, and slave server will be just copying the database from Master database, this is not an automated switch over in case of failure, you have to manually change the URL to slave server, but at least it gives some level of redundancy. This can be achieved easily and for FREE. all you need is 2 independent servers (can be VM's too).
Although now a days hardware failures is a minimal chance, but it can happen, at first place, make your master server redundant with RAID configuration.