When engraving a coaster, I like to begin with a rectangle to get an idea of the space we have to work with. 

For this project I have a simple design to fill the center of the coaster.  Just import the design and use the snap lines to get it centered with the rectangle. 

Now let's add in text to wrap the design in the center.  Simply type in the text.  In this case, I am adding a Happy mother's Day message and then the names of the mother's children.  This requires two textboxes  With the text entered, move the first box above the circle design and snap it to the center alignment horizontally.  Next, use the curve tool to match the curvature of the design.  There is a guideline that appears to help with this.  Once it is aligned moved to the second text box and do the same process.

The settings in the file are for the D1 with a 5W laser, however the settings may need to be altered for your laser setup.  Be sure to follow all safety rules for your laser and always wear personal protective equipment when the laser is in operation.