I would only like to echo the concerns that @steely brought up about nightly snapshot backups and restorations, as I too have found myself in a spot where the hosts ability to do this has saved me from a total disaster.

Obviously regular local backups are extremely important for us to execute, but I apologize that I am still somewhat confused… So IT will perform a backup/restore service but this is an additional cost on a yearly basis? Or this is an additional cost on an hourly basis?

In my experience, the need for this kind of restore is basically the very last resort and failsafe and is only used in a catastrophe (i.e. hacking).

Thanks to everyone who commented on many of the additional items too.