Great.
A tip. When you set it back up, move the default backup location to the same disk that holds your media files. That way, you consolidate all of the stuff regarding that Library off of the C drive (so that if it fails, you don't lose both). Don't move the Library itself, though, as you want that on the fastest possible disk (and your media disk is probably slow).
And then, make sure THAT drive is backed up. Hopefully that's already true, but if not and you don't have a simple way to do it, I'd recommend
CrashPlan for simplicity (assuming it isn't a NAS volume).
Since the volume is probably big, you can "seed" your CrashPlan account by
sending them a hard drive.
An alternative is
BackBlaze, but they don't offer this pre-seeding service (or didn't last I looked), so if you have many GB (or even TB) of data to send in, the time to get the initial backup done could be, effectively, eternity.
Or, come up with a robust backup system yourself. But honestly, for most users, those two online services are so cheap and simple to use, that it is safer (even if they occasionally bork up) to use them than to trust any scheme you've concocted yourself, assuming you aren't OCD.