There's a lot of effort being spent selling the benefits of the "cloud future", and providers are misleading people into thinking their data is safe with them, but then burying in the contract disclaimers of all responsibility. It doesn't matter of you choose MWEB, Microsoft or Google, they all contractually can shrug their shoulders of liability if anything happens.
Have you read the contract from your fancy host? They probably charge you 50% more but still have it clearly spelt out that you can go get stuffed if there is data loss.
But aren't you describing a single host setup yourself? They provide the service and the backups. You're trusting them with both aspects.