Trying to update my iPhone to 5.0.1

I am trying to update my iPhone 4 from version 4.2.6 to 5.0.1 and everytime I try it gives me the following error:
An error occurred while backing up this iPhone(-43).
You like to continue to update this iPhone?
Continuing will result in the loss of all contents on this iPhone.
How can I update my iPhone without loosing everything? Since everything is backed up, if I do the update and do lose everything, can't I just re-upload everything back onto my phone? Or will I lose all of my saved information on my apps?
Any help with this would be appreciated
Thanks!

When your connect your iPhone to iTunes on your computer go to:
Right click on your iPhone (called your name's iPhone or something) and click "Transfer purchases" and enter your Apple ID. Then iTunes will copy off everything you purchased on your iPhone (like Apps, Videos, Podcasts and Music). Then click Update (it will ask to back up first, say yes) and then it should download iOS 5 or iOS 5.0.1 and update afterwards. Then It will sync your stuff right back onto your iPhone.

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