Floated image to left of a ul is ignoring margin/padding

Question

I have a paragraph followed by an unordered list, with several list items. I also have an image floated to the left of that. The problem I am having is that the list item margin/padding is being overlapped by that image.

I want the bullets that are next to the image to indent like it should.

Here is a test I wrote up for debugging, where you can see my issue in action.

All of this is inside of a CMS, so the image dimensions are variable, as well as the paragraphs and possible lists in the text.

Any solutions?

(See my first comment for pictures.)