diff --git a/netbox/core/plugins.py b/netbox/core/plugins.py
index 300c6596e..bfc5ee242 100644
--- a/netbox/core/plugins.py
+++ b/netbox/core/plugins.py
@@ -64,9 +64,8 @@ class Plugin:
     is_certified: bool = False
     release_latest: PluginVersion = field(default_factory=PluginVersion)
     release_recent_history: list[PluginVersion] = field(default_factory=list)
-    is_local: bool = False  # extra field for locally installed plugins
-    is_installed: bool = False
-    failed_to_load: bool = False
+    is_local: bool = False  # Indicates that the plugin is listed in settings.PLUGINS (i.e. installed)
+    is_loaded: bool = False  # Indicates whether the plugin successfully loaded at launch
     installed_version: str = ''
     netbox_min_version: str = ''
     netbox_max_version: str = ''
@@ -94,8 +93,7 @@ def get_local_plugins(plugins=None):
             tag_line=plugin_config.description,
             description_short=plugin_config.description,
             is_local=True,
-            is_installed=True,
-            failed_to_load=plugin_name not in registry['plugins']['installed'],
+            is_loaded=plugin_name in registry['plugins']['installed'],
             installed_version=installed_version,
             netbox_min_version=plugin_config.min_version,
             netbox_max_version=plugin_config.max_version,
@@ -104,8 +102,8 @@ def get_local_plugins(plugins=None):
     # Update catalog entries for local plugins, or add them to the list if not listed
     for k, v in local_plugins.items():
         if k in plugins:
-            plugins[k].is_local = True
-            plugins[k].is_installed = v.is_installed
+            plugins[k].is_local = v.is_local
+            plugins[k].is_loaded = v.is_loaded
             plugins[k].installed_version = v.installed_version
         else:
             plugins[k] = v
diff --git a/netbox/core/tables/template_code.py b/netbox/core/tables/template_code.py
index 411574295..e53714994 100644
--- a/netbox/core/tables/template_code.py
+++ b/netbox/core/tables/template_code.py
@@ -16,10 +16,12 @@ OBJECTCHANGE_REQUEST_ID = """
 """
 
 PLUGIN_IS_INSTALLED = """
-{% if record.failed_to_load %}
-    <span class="text-danger"><i class="mdi mdi-alert" data-bs-toggle="tooltip" title="Could not load due to NetBox version incompatibility. Min version: {{ record.netbox_min_version }}, max version: {{ record.netbox_max_version }}"></i></span>
-{% elif value is True %}
-    <span class="text-success"><i class="mdi mdi-check-bold"></i></span>
+{% if record.is_local %}
+    {% if record.is_loaded %}
+        <span class="text-success"><i class="mdi mdi-check-bold"></i></span>
+    {% else %}
+        <span class="text-danger"><i class="mdi mdi-alert" data-bs-toggle="tooltip" title="Could not load plugin. Version may be incompatible. Min version: {{ record.netbox_min_version }}, max version: {{ record.netbox_max_version }}"></i></span>
+    {% endif %}
 {% else %}
     <span class="text-danger"><i class="mdi mdi-close-thick"></i></span>
 {% endif %}