Premium hosting can handle high loads of traffic, and includes monthly WordPress upgrades. A quality inspection will be done post-upgrade, and you will be notified of any issues and/or the upgrade can be rolled back as needed. This is the best option for established businesses.
Basic hosting is just what it sounds like, it gets the job done. WordPress upgrades once per month without quality inspection. You will be expected to check your website each month to ensure everything is still functioning correctly. This hosting option is ideal for early startup businesses with a limited budget.