I think a couple of things need to be considered...is this a work provided laptop? If so, then it's not YOURS, it's theirs, that they're letting you use and your employer can turn it over to be cracked. In fact, I think that most work computers have a user agreement that you agree to at some point in time saying 'yeah, i know it's not mine, I have no expectation of privacy'.
If it's your personal and private laptop then I think things are a bit different. Its your property and I think the burden of enough proof to get a warrant is needed. It should be covered like a search warrant....can they prove to a judge that they're reasonably sure there are incriminating files on there? If so then they can crack it, if not then they can't, any more than they can't search a house without meeting the proof needed to get a warrant to search the house.
I do think there need to be clear rules established.