First off, where is your data besides being in the cloud? You should have local copies, or figure out some way that these other copies can be made somewhat regularly in case the cloud goes poof and is gone (or if you aren't happy with their service).
Second, what is the backup plan that your provider has and how well do you understand it? What is the worst that can happen if things go awry and all these plans don't work out?
Make sure you understand the answers to these questions. As a friend of mine once said, no one ever complained that they had too many backups.