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Somethings that are important in addition to reliability are:
Support. Make sure they are there for you when you need them.
Scalability. Is it easy to upgrade plans if needed as your site grows.
Features. Do they have all the features your site requires such as dedicated IP, ssl etc.
Honesty. Is the company honest and ethical. Do your research.
Don't be afraid to send potential companies a support ticket with some basic questions. See how fast they respond and how well they answer your questions. Make sure there is a money back guaruntee in place in case you decide you do not like the services you recieive. Don't forget to read their terms of service.
There are a lot of shotty hosts out there, make sure the company you choose isn't one of them. Some key indicators of a fly-by-night company include no phone number, no postal address, does not accept credit cards, order form not secured by SSL, ridiculously low priced plans.
There are of course exceptions. If your unsure about a company, just try googling them to find other reviews or ask here about them.
Good luck.
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