In reply to Nate Wright.

I strongly disagree (which of course I would!). If you rely on your hosting company for backups, then all your eggs are in one basket. What happens if... your hosting company goes bankrupt? Closes your account when they fail to identify your payments? Get hacked and have their systems taken off-line? Turn out to have lied in the answers to some of the questions that you've asked them,, because they said what they were aspiring to, once they found the time/budget, instead of what was actually true?

One essential component of backups is the principle of redundancy. No single points of failure. If your backups are handled in-house by your hosting company, then you've unnecessarily increased the risk.