Time Machine drive corrupted, now what?

My daughter managed to corrupt my Time Machine backup drive by flicking the power strip switch it and my Mac were connected to on and off and I currently have Disk Utility repairing the disc. What do I do now? Here's what I was thinking:

1. Run disc utility on my Mac's HD and verify it.
2. Verify my backup drive to make sure the repair worked.

What should I do next? Would it be a good idea to erase my backup drive and start a Time Machine backup from scratch so that I don't have any nasty surprises the next time I restore from Time Machine?

Any input is greatly appreciated.

Thanks!