Design a highly available Azure SQL database that ensures failover between replicas without data loss, remains available during a zone outage, and minimizes cost. Which deployment option meets these constraints?

Azure SQL Database Premium tier offers zone-redundant high availability, which ensures automatic failover between replicas across availability zones, preventing data loss and maintaining availability during a zone outage. This tier also provides a balance of performance and cost-effectiveness for demanding workloads. Azure SQL Managed Instance Business Critical offers similar high availability but is generally more expensive due to its instance-level capabilities. Azure SQL Managed Instance General Purpose and Azure SQL Database Standard tiers do not inherently provide zone-redundant high availability without additional configuration, and their failover mechanisms might involve some data loss in certain scenarios.