If the image size is variable or the design is responsive, in addition to wrapping the text, you can set a min width for the paragraph to avoid it to become too narrow.
Give an invisible CSS pseudo-element with the desired minimum paragraph width. If there isn't enough space to fit this pseudo-element, then it will be pushed down underneath the image, taking the paragraph with it.
#container:before {
content: ' ';
display: table;
width: 10em; /* Min width required */
}
#floated{
float: left;
width: 150px;
background: red;
}