Yep, there shouldn't be any limits on the number of addresses.
Electrum will generate new addresses as you use them, until it hits the gap limit ( which is 20 by default ). The gap limit according to Electrum's FAQ is
The gap limit is the maximum number of consecutive unused addresses in your deterministic sequence of addresses. Electrum uses it in order to stop looking for addresses. In Electrum 2.0, it is set to 20 by default, so the client will get all addresses until 20 unused addresses are found.
You won't run out of addresses when using Electrum.